Well, I will offer here my well-educated analysis, and I'll try to keep it brief
The incident in question began as Hamilton was in Kimi's slipstream, and dived out of it to make a pass entering the bus stop chicane.
Note here that Lewis is attempting an outside pass. Think back to successful outside passes, they are generally accomplished by arriving at the apex of the turn well ahead of the car being passed. In this case, Hamilton was actually behind Raikkonen at the apex point. No good F1 driver, certainly not a WDC, will care at this point how much road he leaves for the driver who is attempting the overtake, because he clearly beat the driver and owns the corner.
Now, it's up to the overtaking driver, in this case Hamilton, to recognize that most any driver is going to use up all of the exit.
Had Hamilton conceded defeat in the overtake, he would have had to closely follow Raikkonen through the left-hand exit of the chicane. Hamilton could not have been on the throttle as quickly as Raikkonen because he would have had to wait to hit the throttle on corner exit until Raikkonen's car began to accellerate. Most F1 overtakes are the clear result of a driver with a certain gap taking a corner at a higher rate of speed and carrying more onto the next straight. If the gap is zero (as it was with Lewis still alongside), the concertina effect occurs and there is no speed advantage relative to distance.
So here, Hamilton cuts the chicane, thus eliminating the effect of following Raikkonen through the corner and having to accelerate at the same point on the corner exit, which would have had a distancing effect between the two cars.
Now they are both on the pit straight. In my opinion, Hamilton, having entered the track at a point ahead of Raikkonen, was problably accelerating as hard as possible on the dirty and damp part of the track, allowing Raikkonen the good lauch and he to accelerate past Hamilton.
However, at this point the McLaren was much closer to the Ferrari than would have been possible if Hamilton had made the previous corner.
So, net gain goes to Hamilton, allowing him to be close enough to dive down the inside of Raikkonen into La Source.
Fernando Alonso did the exact same thing in Suzuka a few years back, and he was subsequently told to slow down on track:
http://www.youtube.com/watch?v=Lteu8yVzIOQ Watch at 1:20 - 2:00.